Federal Reserve’s Faster Payments Task Force is reviewing proposals for faster payment solutions. The task force must consider how financial institutions can protect themselves and their customers against fraud in these new time frames. Security concerns will focus on protecting the core system, providing transaction integrity and preventing misuse. Payments completed via a faster payment solution are irrevocable. This means that the bank must perform real-time fraud checks upfront and be confident in a payment before sending it. As a result, banks will have to review their branch, online and mobile banking processes, looking at security in order to prevent increased losses.”]